"19 June 2011" Archive

Assessee not entitled to benefit of s 220(7), wherein the income which arisen in Russia but not been brought in India and remitted to third country despite there been no restriction on remittance to India

Ravina and Associates Private Limited and Another Vs CIT and Others (Delhi High Court)

High Court of Delhi Writ Petition(C) No. 328, 340/2010 Decided on: 20 April 2011 Ravina and Associates Private Limited and Another Vs CIT and Others Judgment Sanjiv Khanna, J. Ravina and Associates Private Limited and Ravina Khurana have filed the present writ petitions for stay of recovery of the outstanding demand of Rs.54,91,15,497/- f...

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Where the amount was advanced due to the business exigencies as per agreement executed between the parties, it cannot be considered as deemed dividend

International Land Development (P) Ltd Vs ITO (ITAT Delhi)

International Land Development (P) Ltd Vs ITO (ITAT Delhi)- The learned CIT(A) has vacated the demand with regard to payment made to Goldman Malls Pvt.Ltd. for the reason that the payments were made for business exigencies as well as Goldman Malls Pvt.Ltd. is not shareholder of the assessee company. We have perused the memorandum of [&hel...

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Whether disallowance is warranted for the freight and cartage expenses incurred in cash without rejecting the books of account only on the basis of surmises and presumptions?

ACIT Vs M/s Presco Mec Autocomp Pvt Ltd (ITAT Delhi)

Just because of vouchers being doubted by the AO and not coming to correct conclusions on them, as he has resorted to only arbitrations in so far as he has presumed the rates of loading and unloading charges without bringing any material on record in support of them. The ld.AR has sufficiently clarified that fluctuation in cartage is alwa...

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